Boeing Company officals reported record first-quarter earnings for 1980 and concern about the future at the company's annual meeting here today.
Earnings of $139.8 million, $1.45 a share, for quarter based on $2.148 million in sales, let T. A. Wilson chairman of the board, to announce quarterly dividends of 30 cents per share. Those figures compared with $108.1 million ($1.12 a share) in earnings and $1.780 in sales for the same peroid of 1979.
The first quarter earnings, Wilson said, indicated that the company was "well-positioned to meet the market demands ofthe 1980s" despite an uncertain outlook for the national economy.
However, both Wilson and Boeing President Malcom T. Stamper told the assembled 550 stockholders that while 1980 earnings were expected to keep pace with 1979's record beaking year, projections for 1981 are less certain.
Wilson said that 1981 deliveries of Boeing 727s and 747s will be somewhat below" 1980 levels, while Stamper noted that Boeing's hiring spree over the past two years is over.
The company is "closely watching" the sagging health of the U.S. airlines, Stamper said, and the financial problesm of the Unites States Export-Import bank.
The Exim Bank's "lack of adequate financing" was particulary important, Stamper said, as 60 percent of Boeing's commercial aircraft sales and 70 percent of the orders placed in 1979 came from foreign airlines.
The aerospace manufacturer's future will be enhanced, both men agreed, by expanding military sales such as the cruise missile and a variety of non-aircraft-relaed programs, including computers and hydrofoils.
A new 767 medium-range jetliner, the first of which will roll out of the Everett, Wash., assembly plant in 1982, already has a backlog of orders through 1984, Stamper said. He added that the company is investigating plans to increase the size of the upper deck of the 747 to increase the jet's capacity.
Wilson said that the proposed supersonic transport, or SST, because of fuel costs may not be "an economically vialble system."
A stockholder's question led Boeing Executive Vice President H.W. Hayes to note that a recent drop in the company's stock market value was felt throughout the aerospace industry, not just a Boeing. Wilson defended the company's record of competition with Airbus Industries, a European consortium, by claiming that Airbus, "in the overall sense has take business primarily from McDonnell Douglas, not from Boeing.
Still, Wilson said, that problems with the financing of exports is the company's "biggest problem."
Associated Press reported the following:
Coca-Cola Co. first-quarter earnings reached a record $92 million, or 75 cents a share, as sales rose 17.5 percent from the 1979 period to a record $1.2 billion.
The soft-drink company said profits rose 8.1 percent from $85.2 million, or 69 cents a share, in the first quarter last year. Sales gained from $1.057 billion in the 1979 period.
Chairman J Paul Austin said the sales increase reflected greater unit sales of soft drinks, citrus and wine products, and higher U.S. syrup prices cuased by higher sugar prices.
First-quarter results also included those of the Atlanta Coca-Cola Bottling Co., which was acquired by the company in a cash transaction last october.